Divorce comes with many other decisions. Spouses have to divide their lives since they will go their separate ways. These decisions can be made in a few different ways. People can either make these decisions during divorce mediation or through litigation. With these two processes, assets can be divided first into separate and marital property. This makes it easy to categorize what was in possession before the marriage by each individual. Then their separate property will be divided based on many factors. It can take into account each spouse’s standing, including their income and career, while taking into account the length of their marriage. A judge will make decisions for the couple during litigation. However, in mediation, spouses will have to decide on possessions themselves. In this forum, they may be more honest with each other about what is important to them. This can allow them to have an amicable split with assets that they desired. Hopefully, they can work through this process by cooperating with one another instead of creating more turmoil.
What assets are taken into account?
Assets that are acquired before the marriage happened are not taken into consideration during the division of assets. These are known as separate property because they are owned by each individual spouse. These assets can include inheritances that were left to them by loved ones. They may also have possessions from when they were single. Their marital property is taken into consideration for separation though. This can include assets they bought after they were married. This can include a house that they bought together or other assets bought after marriage.
How does this differ for high net worth divorces?
This process does not differ for high net worth divorces. The only thing that seems different is the time it takes to complete this process. Individuals may have to take more time since they often possess more assets in a high net worth divorce. This is because their assets add up to create their high net worth. During this process, everything is taken into account, including prenuptial agreements and other properties owned by the family.
Matters of divorce and family law require the attention and skill of an experienced attorney who will fight for your future. If you need a divorce and family law attorney in Ocean County, New Jersey, contact the Law Office of Sarina Gianna, LLC today to schedule a consultation.